I'm unsure of the legality).That said . . . each time I read in a sale disclosure that I am bound to the existing manager then a whole different subset of questions comes up. 

You (the tenant) are contractually bound to pay the rent by the first of the month and I (the landlord/owner) am contractually bound to assess a late fee if you don't pay it within the legally permissible time frame.

I've always felt that hope is a risky investment strategy that is bound to backfire at some point. 

You are likely only bound by the duration of the initial lease, when is the $1400 lease over?

After a couple of years your choice of finishes may become a tad dated...you never know what lies around the corner....even if you are an immaculate housekeeper you may loose a little value or competitive edge.

This is half of what seller is offer you. 4) You are NOT ONLY paying high price aka market price BUT ALSO loosing money via financing.

@Dale, first of all i dont think anyone likes to loose.

In both cases you have to evaluate what space are you willing to loose on the main floor to accommodate the steps that will go either up or down.  

Second the walls should be cleaned of loose material and then parged with a suitable concrete mix (think of it as plastering).As for your purchase, basement wall issues are not rocket science or the end of the world, just need to be professionally dealt with.

Like Jaaron mentioned, Irvington for buy and hold properties (this area has been unique as well as stable for some time with buy and holds), other areas for fix and flip would be Haughville (truly seeing some changes in the market recently and level of finish to homes), Brightwood, Bates-Hendricks and most recently near Riverside bound by 16th St to the North, 10th St on the South- Indiana Ave & River/Fall Creek East & West.